coinculture.com
Following the recent approval for trading spot Ethereum (ETH) ETFs, attention has turned to the possibility of a Cardano ($ADA) ETF.
Is Cardano Next?
The speculation began with a provocative post on X by Tap Tools, a platform that tracks tokens, NFTs, and wallets on the Cardano blockchain. The post raised the question:
“Is an $ADA ETF up next?”
Hoskinson’s Reaction
In response, Charles Hoskinson, the founder of Cardano, shared a GIF of a superhero saying, “Fine, I’ll do it myself,” which intensified the speculation within the $ADA community.
While some were excited, others were less enthusiastic. One X user, Batman, expressed disappointment, saying,
“We don’t want a Cardano ETF.”
Impact on $ADA’s Price
Despite the buzz, $ADA’s price dropped by over 5% in the past 24 hours, as reported by CoinMarketCap. The Relative Strength Index (RSI) remained below the neutral mark at 44, indicating a bearish trend. Additionally, the convergence of the Bollinger Bands suggested reduced volatility, hinting that the bearish trend might continue.
However, AMBCrypto’s analysis of IntoTheBlock data indicated a balanced sentiment in the $ADA market, with no clear dominance of bulls or bears.
Chang Hard Fork and Future Prospects
Anticipation is growing for the upcoming Chang Hard Fork, which could potentially boost $ADA’s value. Historical data supports this optimism; during the Alonzo Hard Fork in August 2021, $ADA surged by 130%, from $1.35 to $3.10. The community hopes for similar gains with the Chang upgrade and the possible introduction of an $ADA ETF.
Ripple CEO Brad Garlinghouse had previously predicted the emergence of various crypto ETFs, including Cardano, stating,
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”